olivLaw · European equity research
Robert Walters plc RWA.L
United Kingdom · London Stock Exchange · ISIN GB0008475088 · Vertical: Listed companies from United Kingdom
Robert Walters plc is a global talent solutions business offering specialist recruitment, recruitment outsourcing, consultancy and talent advisory. In 2025 its group net fee income fell 14% at constant currency, and management says recovery in hiring markets appears to be firming gradually in some countries such as the UK and Spain.
At the close of 05 Nov 2026, Robert Walters plc (RWA.L) stock was 1.43 GBP (−0.35% on the day), with market capitalisation 93.8 m GBP, dividend yield 11.94%, beta 0.46, 52-week range 0.78–1.64 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 1.26 – 1.41
- above the upper band · %B 1.13 · band width 11.0%
- SMA 50 / 200
- 1.33 / 1.12
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.2% | −0.6% | +5.8 pp | — |
| 3 months | +12.2% | −4.2% | +16.4 pp | — |
| 6 months | +53.2% | +4.3% | +48.9 pp | — |
| Year to date | +4.8% | +7.5% | −2.7 pp | — |
| 1 year | +1.8% | +9.9% | −8.1 pp | +5.8% |
| 3 years | −63.7% | +49.8% | −113.6 pp | +26.3% |
| 5 years | −82.7% | +42.8% | −125.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 892.1 m | 781.1 m |
| Revenue YoY | unavailable | −16.2% | −12.4% |
| Net income | 13.4 m | -6.0 m | -26.8 m |
| Net income YoY | unavailable | −144.8% | unavailable |
| Diluted EPS | 0.19 | -0.09 | -0.41 |
| Diluted EPS YoY | unavailable | −147.9% | unavailable |
| net % | 1.3% | -0.7% | -3.4% |
| Free cash flow | 37.2 m | 17.7 m | 8.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 49.1 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 101.2 m GBP
- Total assets
- 294.5 m GBP
- Debt / equity
- unavailable
- Current ratio
- 1.28x
- ROE
- -22.4%
- ROA
- -8.2%
- FCF margin
- 1.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 892.1 m | 781.1 m | esef· 07 Apr 2026verified |
| Cost of revenue | 677.3 m | 570.7 m | 506.9 m | esef· 07 Apr 2026verified |
| Gross profit | 386.8 m | 321.4 m | 274.2 m | esef· 07 Apr 2026verified |
| Operating income | 26.3 m | 5.2 m | -14.9 m | esef· 07 Apr 2026verified |
| Interest expense | 4.8 m | 4.6 m | 5.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 20.8 m | 500.0 k | -19.6 m | esef· 07 Apr 2026verified |
| Income tax | 7.4 m | 6.5 m | 7.2 m | esef· 07 Apr 2026verified |
| Net income | 13.4 m | -6.0 m | -26.8 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.19 | -0.09 | -0.41 | esef· 07 Apr 2026verified |
| Dividend per share | 0.17 | 0.17 | 0.17 | esef· 07 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 95.7 m | 68.1 m | 49.1 m | esef· 07 Apr 2026verified |
| Receivables | 182.5 m | 157.5 m | 126.4 m | esef· 07 Apr 2026verified |
| Current assets | 283.3 m | 230.0 m | 179.1 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 15.3 m | 11.5 m | 9.3 m | esef· 07 Apr 2026verified |
| Total assets | 415.7 m | 355.5 m | 294.5 m | esef· 07 Apr 2026verified |
| Accounts payable | 148.0 m | 121.5 m | 95.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 187.3 m | 160.5 m | 140.4 m | esef· 07 Apr 2026verified |
| Total liabilities | 250.8 m | 217.0 m | 193.3 m | esef· 07 Apr 2026verified |
| Equity | 164.9 m | 138.5 m | 101.2 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 66.7 m | 65.9 m | 65.8 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 45.5 m | 19.8 m | 10.3 m | esef· 07 Apr 2026verified |
| Capex | 8.3 m | 2.1 m | 1.4 m | esef· 07 Apr 2026verified |
| Free cash flow | 37.2 m ≈ | 17.7 m ≈ | 8.9 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -14.2 m | -9.4 m | -5.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -52.2 m | -33.9 m | -23.4 m | esef· 07 Apr 2026verified |
| Dividends paid | 15.8 m | 15.5 m | 11.2 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 93.8 m GBP
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.4% | 26 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.5% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 11.9% | 100 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 125.8% | 0 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ROBERT WALTERS PLC (RWA.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 781.1 m GBP in 2025; YoY growth -12.4%; net margin -3.4%; ROE -22.4%.
The estimated value range is 1.67–2.06 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.84 GBP, the price of 1.43 GBP leaves a potential of 29.4% (value / price − 1) and a margin of safety of 22.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 9.5%
- Shareholder yield (distributions): 11.9%
- The price is below the estimated value range
What contradicts it
- Net margin: -3.4%
- Interest coverage: -2.9x
- Payout ratio (FCF): 125.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| RWA.LRobert Walters PLC | 93.8 m | — | -22.4% | -3.4% | −12.4% | +5% / −63% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for RWA.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Robert Walters plc is a global talent solutions business offering specialist recruitment, recruitment outsourcing, consultancy and talent advisory. In 2025 its group net fee income fell 14% at constant currency 1, and management says recovery in hiring markets appears to be firming gradually in some countries such as the UK and Spain 1.
SWOT
Strengths
- The group has a range of talent services that can be sold under one brand, allowing cross-selling to existing clients 1.
- The relationship-driven, trusted-adviser model is described by management as a long-term structural advantage 1.
- The continuing client portfolio in outsourcing remained relatively resilient through 2025 1.
Weaknesses
Opportunities
Risks
- Delayed recovery in hiring marketshigh
If recovery stays slow and uneven, net fee income could keep falling and conversion targets could be pushed back 1.
- Balance sheet pressurehigh
Net cash below the historical target could limit financial flexibility if profit does not recover 1.
- Restructuring costsmedium
Closing loss-making units and reorganising functions could bring additional costs in the short term 1.
- Exposure to volatile regionsmedium
Exposure to regions with difficult macro, political or regulatory conditions, such as northern Europe, could keep activity muted 1.
- Technological change and competitionlow
Changes driven by AI could reduce demand for some traditional recruitment services or favour new providers 1.
Investment thesis
What would need to be true (bull case)
- If recovery in the UK, Spain and New Zealand extends, revenue could return with operating leverage given the reduced cost base 1.
- A fragmented market and a structural talent shortage could allow share gains in existing markets 1.
- Consultancy and talent advisory have grown strongly, and if that continues they could diversify revenue 1.
What would break the thesis
- If the fall in hiring volumes continues longer than expected, profit could remain negative and the balance sheet could stay under pressure 1.
- The recovery may be uneven, and important regions could stay weak, limiting the benefit of a market upturn 1.
- AI adoption and changes in client behaviour could reduce demand for the traditional recruitment model 1.
What to watch
- Net fee income trends in key markets and whether the recovery broadens2026
- Progress toward the target of at least £50m year-end net cash2026
- Delivery of at least £12m annualised savings from the optimisation programme2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Robert Walters operates as a global talent solutions business, going to market with the full range of services clients need, consolidated under the single 'Robert Walters' brand in 2024 1. Specialist recruitment is the core segment, making up 83% of group net fee income in 2025 1. The group is organised into four geographic regions, and in 2025 Asia-Pacific generated the largest net fee income at £121.2m 1.
In 2025 group operating profit was pressured by lower hiring volumes, and management focused on cost discipline and balance sheet strength 1. The board noted the historical target of at least £50m year-end net cash was not met in 2025 and that no ordinary dividend was paid for fiscal 2025 1. The strategy starts from a trusted-adviser model and aims to gain market share rather than rely only on market growth 1.
The refreshed strategy presented in September 2024 remains in place, according to the board, and the group restructured its specialist recruitment geographic portfolio by closing operations in Brazil and Canada and consolidating its US footprint 1. This suggests management sees a need for greater focus on key markets if demand stays weak 1.
Segments
Specialist recruitment
Specialist recruitment covers permanent recruitment, temporary recruitment, interim management and executive search, and is the group's core segment 1. Permanent placements represented 65% of this segment's net fee income in 2025 1. The group tightened focus on the recruitment sales funnel and perm placements per perm fee earner, which improved in the second half after a decline in the first half 1.
Recruitment outsourcing
Recruitment outsourcing includes recruitment process outsourcing and managed service provider offerings 1. Net fee income from the continuing client portfolio fell only 5% in 2025, and a significantly expanded perm volume hiring partnership launched in the fourth quarter has begun contributing 1.
Consultancy and talent advisory
Consultancy, which includes flexible workforce solutions, grew double digits in 2025 and has been resourced as a distinct service line 1. Talent advisory, the newest business, nearly doubled net fees versus 2024, and its commercial and operating model is still being tested 1.
Market context
The company estimates its addressable market is worth over £60bn in net fee income terms 1. The perm placements market is highly fragmented, with the top 10 global players together holding only a 7% share 1. Management views the decline of the last three years as largely cyclical and expects recovery could be gradual and market by market rather than global 1.
Long-term structural drivers include talent shortages linked to demographic change and a changing world of work, in which professionals could hold double the number of roles over their careers compared with those entering in 2010 1. AI is seen both as a source of faster change and as an opportunity, with the World Economic Forum forecasting net job creation from AI 1.
Trends
- Cyclical decline in hiring volumesheadwind
2025 was a third consecutive year of falling hiring volumes across global markets, longer than most participants have seen 1. If the decline continues, revenue and profit could stay under pressure 1.
- Early signs of recovery in key marketstailwind
In the second half of 2025, UK specialist recruitment net fees moved from -5% to +20% year on year, and Spain from -25% to +5%, according to management 1. If this pattern extends to more countries, it could support the company's recovery 1.
- Artificial intelligence and changing workmixed
AI adoption could accelerate how work and hiring are done, but the company also sees it as an opportunity, particularly for consultancy and talent advisory 1. The net effect depends on adoption pace and how clients buy new services 1.
- Cost reduction and operational efficiencymixed
The programme to optimise business partner functions was accelerated, and the group raised its targeted annualised savings, with full income statement benefit expected in 2027 1. These measures could improve margins if revenue recovers, but they do not by themselves offset a volume decline 1.
Competitive position
The perm recruitment market is highly fragmented with many regional and global competitors, and the top 10 global players together hold only a 7% share 1. The company says its differentiator is its relationship-driven consultancy model and its ability to offer the full range of talent services 1.
- Global perm recruitment players
The company says it is one of the top 10 global players in a fragmented perm recruitment market, without the source naming specific competitors 1.
- Regional specialist recruitment providers
The market is fragmented and local competition in each country is intense, according to management's description in the report 1.
- Recruitment outsourcing providers
The company says it is simplifying operations to compete more effectively, without the source naming competitors 1.
- Consultancy and flexible workforce firms
Consultancy competes with other flexible workforce providers, and the source does not identify specific firms 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Robert Walters plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.